Standard Tolling (TON.V) has announced it now expects to close its private placement by the end of next week, which is sooner than anticipated. As the placement might even be over-subscribed, Standard Tolling might even raise more money than the C$1.5M it was eyeing, and that would be quite an achievement in this financing environment. Meanwhile the shares remain halted until the TSX-V gives the company’s paper work the ‘go ahead’ for this material transaction.
As you know, Standard Tolling is acquiring a processing facility with an initial capacity of up to 150 tonnes per day in the La Libertad district in Peru. The initial LOI has been amended and the definitive agreement will reduce the share payment from 5M shares to 2.5M shares and a $250,000 promissory note which won’t bear any interest and has to be repaid within two years.
We hope all t’s and i’s will be crossed and dotted soon as Standard Tolling thinks it can start processing ore as early as by the end of Q1 2015. Once the transaction and private placement have been finalized, we will provide an in-depth report on Standard Tolling.
> Click here to go to the Standard Tolling website
Disclosure: The author holds a long position in Standard Tolling and will participate in the financing. Standard Tolling is a sponsor of the website. Please see our disclaimer for current positions.
